Traduction de «cours du change réel » (Français → Anglais) :

1. Emphasises that against the background of economic recovery , with an annual growth in real GDP of 2,5% and a contribution of domestic demand of 2,1% in the second quarter of 2006, recent economic growth is supported by national reforms and investment programmes in the labour, financial and product markets; considers that any raising of interest rates should be undertaken with caution in order not to endanger economic growth; draws attention to the risks linked to the increase in the euro exchange rate and the oil price, factors which contributed to the weak level of growth in 2005; praises the ECB's policy of concentrating on its ...[+++]most important objective, preserving price stability; considers, accordingly, that the ECB responded correctly to economic and financial developments in 2005 by raising its interest rate after peaks in inflation to 2.6% in September 2005;

1. Emphasises that against the background of economic recovery , with an annual growth in real GDP of 2,5% and a contribution of domestic demand of 2,1% in the second quarter of 2006, recent economic growth is supported by national reforms and investment programmes in the labour, financial and product markets; considers that any raising of interest rates should be undertaken with caution in order not to endanger economic growth; draws attention to the risks linked to the increase in the euro exchange rate and the oil price, factors which contributed to the weak level of growth in 2005; praises the ECB's policy of concentrating on its ...[+++]most important objective, preserving price stability; considers, accordingly, that the ECB responded correctly to economic and financial developments in 2005 by raising its interest rate after peaks in inflation to 2.6% in September 2005;

1. Emphasises that against the background of the recovery , with an annual growth in real GDP of 2.5% and a contribution of domestic demand of 2.1% in the second quarter of 2006; notes that recent economic growth is supported by national reforms and investment programmes in the labour, financial and product markets; considers that any raising of interest rates should be undertaken with caution in order not to endanger growth; draws attention to the risks linked to the increase in the euro exchange rate and the oil price, factors which contributed to the weak level of growth in 2005; praises the ECB's policy of concentrating on its mo ...[+++]st important objective, preserving price stability; considers, accordingly, that the ECB responded correctly to economic and financial developments in 2005 by raising its interest rate after peaks in inflation to 2.6% in September 2005;

The single market must not be endangered by real exchange rate misalignments or by excessive nominal exchange rate fluctuations between the euro and the other EU currencies, which would disrupt trade flows between Member States.

Certain Member States' implementing legislation (Italy, Austria, United Kingdom, Sweden and France) does not expressly adopt the term 'reference exchange rates used', required by the last indent of Article 3 of Directive 97/5/EC, and, instead, refers to, for example, 'exchange rate used'.

2. Where costs to be recovered have been incurred in a currency other than the euro or where the steps in respect of which payment is due were taken in a country of which the euro is not the currency, the conversion shall be effected at the European Central Bank’s official rates of exchange on the day of payment.